Tag: DOF
DOF chief Diokno says it’s time to stop COVID-19 “ayuda” as economy, public mobility return to normal
(Eagle News) — Finance Secretary Benjamin Diokno said that financial aid or “ayudas” linked to the COVID-19 pandemic such as the Bayanihan 1 and 2 “should cease as normalization is achieved and given the continuous recovery of the economy. Instead, Diokno said that the Philippine government should prioritize existing social protection programs such as those for senior citizens and welfare grants for poor families. “Public finances are finite. They have to be allocated judiciously […]
DOF announces launching of 28th tranche of retail treasury bonds, the first offering under Marcos gov’t
Diokno says minimum offering for bonds is P5,000 allowing small investors to contribute to PHL dev’t (Eagle News) – The Philippine government’s Bureau of Treasury has launched the 28th tranche of its retail treasury bonds that “allow investors to contribute to nation-building while growing their hard-earned savings with better returns.” The Department of Finance said that this is the first offering under the administration of President Ferdinand Marcos Jr. “This issuance serves as an […]
World Bank to help PHL gov’t to digitalize services, modernize bureaucracy – DOF
(Eagle News) — The World Bank will be supporting the Philippine government’s programs to to digitalize services and modernize the bureaucracy, according to Finance Secretary Benjamin Diokno. “I am very pleased to hear of the World Bank’s willingness to extend support for further digitalizing our revenue agencies and modernizing civil service in line with the President’s goal of rightsizing the bureaucracy,” Diokno said in a release by the Department of Finance on Thursday, […]
QC tops PHL cities with highest local revenue collected in 2021, says DOF
Makati City and Manila City next top performing cities with highest tax collections (Eagle News) – Quezon City was named as the country’s top-performing city in terms of local revenue generation after it collected P22.9 billion in taxes last year, the Department of Finance said. In a memo released by the DOF-Bureau of Local Government (DOF-BLGF), Quezon City ranked no. 1 among all the cities in the country in terms of tax collections or […]
DOF says P147 billion expected to be collected this year from taxes on fuel
Claims suspending fuel excise tax would largely benefit the rich (Eagle News) – Finance Secretary Carlos Dominguez III said that the government expects to collect P147 billion in taxes this year from fuel, particularly P131.4 billion in excise taxes and P15.8 billion in VAT or value added tax. The funds to be generated from these taxes would be used for the government’s ‘Build, Build, Build” projects, and for the salaries of government employees, including […]
Pres. Duterte okays additional P200 monthly subsidy for 1 year for 12 million low-income households
DOF chief Dominguez: “We realize that this is not enough. But this is what we can afford, as of this time” (Eagle News) – President Rodrigo Duterte has approved the recommendation of the Department of Finance to provide P200 additional subsidy per family per month for 12 million low-income households in the Philippines, or a total of P33.1 billion. Malacanang said this on Wednesday, March 16, as the DOF pressed for more benefits to be […]
DOF, DTI sign IRR of CREATE law
(Eagle News) — The Department of Finance and the Department of Trade and Industry have signed the implementing rules and regulations of the Corporate Recovery and Tax Incentives Enterprises Act, more than two weeks ahead of the July 10 deadline. In a statement, the DOF said the IRR of the law which aims to reduce corporate income tax rates benefitting micro, small, and medium enterprises were signed by Finance Secretary Carlos Dominguez and Trade Secretary […]
DOF lauds PPA for law-mandated remittance of P3.541 billion in 2020 despite COVID-19 pandemic
(Eagle News) — The Department of Finance has lauded the Philippine Ports Authority for its 2020 remittance of P3.541 billion in 2020 despite the COVID-19 pandemic. The amount is 6 percent more than the required amount under the law, as it represents 56 percent of the PPA’s 2020 net income after tax of P6.138 billion. Under Republic Act No. 7656 or the Dividend Law, government-owned and -controlled corporations are required to declare and remit to […]
DOF chief meets with outgoing Russian Ambassador on continuing PHL-Russia economic cooperation
(Eagle News) – The Department of Finance has met with the outgoing Russian ambassador H.E. Igor Khovaev to discuss the continued strengthened economic cooperation between the Philippines and Russia, including a possible agreement on cooperation regarding customs and help in setting up a more efficient tax collection system. Finance Secretary Carlos Dominguez III met last week with Ambassador Khovaev when the diplomat made a farewell courtesy call to the DOF. The ambassador also discussed […]
Pres. Duterte orders digitization, direct distribution through banks of COVID-19 aid to beneficiaries
No intermediary to stop corruption (Eagle News) – President Rodrigo Duterte said subsidies and financial aid for the poor and other sectors should be digitized and pass through banks so the recipient can get their benefits directly. In his address to the nation, the President said this after the report of the Department of Finance that recommended direct distribution to beneficiaries through banks for future subsidy programs, including those related to COVID-19. -Wage subsidy […]
Customs bureau seizes over P500,000 worth of smuggled rice from Myanmar
(Eagle News) — The Bureau of Customs has seized over half a million pesos worth of smuggled rice from Myanmar. The bureau said the 495 bags of white rice were intercepted on Aug. 10 from the port of Cebu. This was made possible following a tip that a shipment that arrived from Kaohsiung, Taiwan on July 23 was loaded with imported rice. The Inward Foreign Manifest had declared the shipment contained personal effects of a […]
